LOS ANGELES (CN) – “The Bold and the Beautiful” soap opera star Kyle Lowder claims his manager screwed up his 401(k) plan. Lowder accused John Larkin and Larkin Business Management of fraudulent concealment, unjust enrichment, conversion and breach of faith, in Superior Court.
Lowder says he was just 20 years old, and “a neophyte” in business affairs when he hired Larkin in 2000.
He claims that Larkin’s mismanagement will “subject him to substantial income and other tax.” His 27-page complaint adds that “the Larkin Defendants were not properly performing the services for which they were being paid … and breached the contractual duties they had agreed to perform.” Lowder claims that Larkin failed to properly maintain his accounts, improperly advancing money from and to his 401(k), and invested his retirement assets in “non-diverse real estate limited partnerships.”
Lowder seeks punitive damages. He is represented by Rebecca Mocciaro with Farmer & Ridley.